Credit Suisse buys minority stake in Park Hotels

Credit Suisse reportedly acquires a 15% stake in India's boutique Park Hotels chain in a deal that values the target at $350 million.

Credit Suisse real estate has made its second investment in India acquiring around 15% of the Park Hotels chain.

No financial details of the deal were available, but sources say Credit Suisse will pay between $50 million and $55 million for a 15% stake in Park Hotels. This places the equity value of the investee company, which is closely held by the Apeejay Surrendra Group, at around $350 million.